New Issue: Morgan Stanley prices $1.06 million buffered range accrual notes tied to S&P 500

By Marisa Wong

Madison, Wis., March 30 - Morgan Stanley priced $1.06 million of buffered range accrual securities due Oct. 2, 2014 linked to the S&P 500 index, according to a 424B2 filing with the Securities and Exchange Commission.

Interest will accrue at 6.05% for each day that the index closes at or above 1,124.432. The reference level is equal to 80% of 1,405.54, the initial index level. Interest is payable monthly.

If the final index level is at least 1,124.432, the payout at maturity will be par. Otherwise, investors will lose 1% for every 1% decline beyond the 20% buffer.

Morgan Stanley & Co. LLC is the agent.

Issuer:	Morgan Stanley
Issue:	Buffered range accrual securities
Underlying index:	S&P 500
Amount:	$1,064,000
Maturity:	Oct. 2, 2014
Coupon:	6.05% per year multiplied by proportion of days on which index closes at or above reference level; payable monthly
Price:	Par
Payout at maturity:	Par if index closes at or above reference level; exposure to losses beyond 20% buffer level
Initial level:	1,405.54
Reference level:	1,124.432, 80% of initial level
Pricing date:	March 28
Settlement date:	April 2
Underwriter:	Morgan Stanley & Co. LLC
Fees:	0.1%
Cusip:	617482H80

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